Firm Helped by Transactions Related to European Buyouts That Turn Profitable After Rocky Starts

Carlyle Group LP on Wednesday said it swung to a second-quarter profit on a surge of private-equity deal making and a batch of European buyouts that have turned profitable after rocky starts.

Carlyle's main buyout fund focused on Europe, a $7 billion pool of cash raised in 2006, reached a level of profitability that allowed the Washington, D.C., firm to start taking a share of gains that have been accumulating since last year.